WHEDA ADVANTAGE
Get into a home with as little as $1,000 out-of-pocket. And, because the WHEDA Advantage was designed specifically with the first-time home buyer in mind, your house payment will be less than with many other mortgage products on the market today. Review the WHEDA Advantage guidelines and then get down off the fence and into your own home!
GENERAL ELIGIBILITY GUIDELINES
- Must be a first-time home buyer* with good credit and an income to support a monthly mortgage payment
- * Not a first-time home buyer, you may be able to use the WHEDA Advantage if you purchase a home in a WHEDA target area
- Borrowers must contribute $1,000 of their own funds into the loan transaction
- Income limits and credit guidelines do apply
- Pre-purchase home buyer education is required to help ensure your future success as a homeowner
- The property must be your primary residence
- Borrower can purchase an existing single family home or duplex* within WHEDA’s purchase price limits
* Landlord counseling required for two-unit properties
GETTING STARTED
FACTS ABOUT THE FEDERAL RECAPTURE TAX
Recapture is a tax you may have to pay on your federal income tax return if you sell your WHEDA-financed home within the first nine years. The majority of WHEDA borrowers will NOT be subject to this tax. To learn more, check out our interactive Recapture Tax calculator.